US import, export prices rise monthly, annually in July

By Ovunc Kutlu

ISTANBUL (AA) - US import and export prices rose in July on monthly and annual bases, according to data released Thursday by the Labor Department's Bureau of Labor Statistics.

Prices for US imports increased 0.1% last month, coming in much higher than estimates of a 0.1% decline. The June figure remained at no change.

"Higher nonfuel and fuel prices each contributed to the July advance," the agency said in a statement.

Annually, import prices in July increased 1.6% from the same month last year, posting the largest year-on-year gain since December 2022.

Export prices, meanwhile, monthly increased 0.7% in July, compared to the previous month, coming in much higher than expectations of no change.

The figure posted a monthly decrease of 0.3% in June.

"Higher nonagricultural prices in July more than offset lower prices for agricultural exports," said the statement.

Annually, prices for US exports were up 1.4% in July, compared to the same month last year, recording the largest year-on-year advance since January 2023.